- April 14, 2020
- Posted by: coseclinicadmin2
- Category: News
Navigating loan obligations amidst the Singapore Covid-19 (Temporary Measures) Ac 2020
In a bid to support businesses impacted by the COVID-19 pandemic, the Singapore Parliament has enacted the COVID-19 (Temporary Measures) Act 2020 (the “Act”), while the Monetary Authority of Singapore (“MAS”) has set out certain support measures. It is crucial for companies and businesses to understand the impact of both these support measures on loan repayment obligations and insolvency regimes, in order to navigate the legal landscape in this period.
Certain parts of the Act are already in force, whereas the provisions of the Act discussed herein will be in force for six months commencing on a date to be prescribed by the Minister of Law, which period may be extended for up to one year (the “prescribed period”).
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